Bitcoin is more akin to the Nasdaq than gold and is not a safe haven asset

CNBC/Arjun Kharpal/05-29-17

I’ve never been a big believer in bitcoin as a safe haven asset. Sure it has got a touch of support when politics has been rocky. However, a comparison on bitcoin’s performance over the past year against the Nasdaq – a tech-heavy stock index – and the typical safe-have asset of gold, shows that the cryptocurrency has more in common with the former.

…It’s clear that investors are flocking to bitcoin, not because it offers stability, which it quite clearly doesn’t, but more to find solid returns on an asset that is up over 150 percent year-to-date.

Investors still believing bitcoin is a safe-haven asset might find themselves on the wrong side of the trade.

PG View: In a Kitco News interview this morning, crypto-currency expert Vince Lanci echoed this sentiment:

“Anybody who’s drawing a parallel between any crypto-currency and gold as a safe-haven, doesn’t know what they’re talking about.” — Vince Lanci
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